Tax Updates

Read need-to-know updates, commentary, and analysis on Tax issues written by leading professionals.
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IRS Sets Deadline for Retroactive Fixes to 403(b) Retirement Plan Documents

In January 2017, the IRS published Revenue Procedure 2017-18 which set March 31, 2020 as the last day to take advantage of the remedial amendment period under Revenue Procedure 2013-22 to retroactively fix defects in 403(b)...more

Rating - the road to revaluation: Check, Challenge, Appeal: Wrong but not unreasonable will suffice...

The headlines continue to be dominated by the 2017 revaluation and the disappointing approach to reform delivered by the Chancellor's Spring Budget, which simply repeats the government's commitment to more regular...more

Getting Into Compliance with Your Foreign Account Reporting, Part I

With the 2015 release of the “Panama Papers,” roughly 11.5 million documents detailing personal financial information of wealthy individuals and identifying nearly 215,000 offshore entities are now available to government...more

Brexit customs update

In the month that the Government is expected to trigger Article 50 to start the process of the UK's exit from the EU, a report from the House of Commons International Trade Committee (the International Trade Committee) has...more

Luxembourg Real Estate -Tax and Legal Developments

This brief report provides a summary of the most recent Luxembourg legal developments that currently affect and will be affecting real estate practitioners throughout 2017....more

Canada Federal Budget 2017

The Government of Canada has released this year’s Federal Budget, and the Tax group at Dentons has prepared a Special Report providing a detailed analysis and concise summary of the changes featured in the Budget. The Report...more

Can You Hear Me Now? South Carolina Department of Revenue Issues Guidance on Taxation of Communication Services

The South Carolina Department of Revenue (the “Department”) issued guidance earlier this month, in South Carolina Revenue Ruling 17-2, to update a comprehensive discussion concerning how communication services are taxed. Up...more

March 2017: Client Alert

2016 Proof of Health Insurance: the Form 1095 Wrinkle - Under the current Affordable Care Act (ACA), all Americans must have health insurance. If you receive your health insurance through the ACA marketplace or from...more

"Key Takeaways: Lessons Learned From Tax-Related Whistleblower Litigation and Shareholder Actions"

On March 8, 2017, Skadden hosted a webinar titled “Lessons Learned From Tax-Related Whistleblower Litigation and Shareholder Actions.” The Skadden panelists were tax partners Nathaniel Carden and Armando Gomez, and litigation...more

"Key Takeaways: Corporate Governance Series — Key Trends in Executive Compensation, Employment Law and Compensation Committee...

On February 28, 2017, Skadden hosted a webinar titled “Key Trends in Executive Compensation, Employment Law and Compensation Committee Practices.” The Skadden panelists were labor and employment law partner David Schwartz,...more

Recycling Infrastructure Assets to Spur Infrastructure Investment

The Trump Administration has the admirable goal of encouraging infrastructure investment. One policy it may want to consider is promoting the recycling of existing municipal infrastructure assets. This policy was developed...more

The Future of the Affordable Care Act Week 7: The American Health Care Act

On March 6, 2017, after years of promising, GOP lawmakers in the House of Representatives introduced the “American Health Care Act” (AHCA), the first concrete legislative proposal detailing the initial provisions designed to...more

Friends and Family and Criminal Forfeiture

One of the many potential consequences of a criminal conviction is that the government may seize assets held by the defendant’s family to satisfy a criminal forfeiture order against the defendant himself. In United States v....more

Court Orders Administrator To Elect Portability

When the IRS enacted the portability election provisions in 2011, which allowed estates of married taxpayers to pass along the unused part of their estate and gift tax exclusion amount to their surviving spouse, it remarked...more

What’s New in Washington: 10 Things You Need to Know

The Trump presidency is halfway through its first 100 days. The legislative and executive branches are under a unified Republican government for only the second time since the Eisenhower administration, and the GOP is seeking...more

IRS Releases April 2017 Federal Interest Rates

The 7520 rate for April 2017 has increased to 2.6%. The April 2017 Applicable Federal Interest Rates can be found here. Please see full Table below for more information....more

Indonesian feed-in tariffs – New rules may under-power the renewables sector

Indonesia's new feed-in tariffs (FITs) for renewable energy present a conundrum. Will renewables flourish or fade in the new revenue environment? Investors will not welcome the lower tariffs under the new regime, but state...more

Ukraine ratifies the Double Tax Treaty with Luxembourg and a Free Trade Zone Agreement with Canada (Ukrainian)

On 14 March 2017 the Ukrainian Parliament passed two laws for On 14 March 2017 the Ukrainian Parliament passed two laws for ratification of two important international treaties...more

Ukraine ratifies the Double Tax Treaty with Luxembourg and a Free Trade Zone Agreement with Canada

On 14 March 2017 the Ukrainian Parliament passed two laws for ratification of two important international treaties...more

Italy introduces a 'New Resident' regime to attract high net worth individuals

On March 8, 2017, Italian tax authorities released the implementation rules to the newly introduced Italian “new resident” regime to attract high net worth individuals to Italy. The primary benefit of the regime is an annual...more

Can the IRS Revoke Your Passport?

Executive Order 13769, President Trump’s notorious travel ban that caused mass confusion and chaos in airports throughout the country, is being revamped following multiple federal court challenges. That travel ban, however,...more

IRS Notice: Conservation Easements for Charitable Giving

In Notice 2017-10, the Internal Revenue Service recently issued guidance on syndicated conservation easement transactions presumed to be used as tax shelters. This addition to the “listed transactions” under Section...more

Tightening the Tax Screws on International IP Structures

For many years prudent international tax planning for multinational enterprises has included structures designed to minimize global taxes by developing or holding intangible property (IP) in foreign subsidiaries located in...more

The American Health Care Act – A Side-by-Side Comparison to Existing Law

As reported in our January 23, 2017 Clients & Friends Memorandum entitled “Status of the Affordable Care Act Repeal Efforts,” on January 12 and 13, 2017, the Republican-controlled Congress took the first step toward repealing...more

Reporting Foreign Income: Four Common Misconceptions

The U.S. government has stringent reporting requirements when it comes to foreign assets and income, but many people are still not coming into compliance based on some mistaken beliefs. Here are four common misconceptions...more

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